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Bitcoin Technical Analysis: BTC/USD vulnerable to another fall

  • Bitcoin price on Thursday is further cooling, down in the session 1.6%.
  • BTC/USD sees enough bearish confluences to suggest another fall in around the corner. 
Bitcoin Technical Analysis: BTC/USD vulnerable to another fall
Ken ChigboKen ChigboIndependent Analyst

BTC/USD 15-minute chart

  • Price action moving within a pennant pattern structure, subject to a potential break lower. 

Spot rate:                 3748.02

Relative change:      -1.66%

High:                         3839.16

Low:                          3698.12

Trend:                        Bearish

Support 1:                  3710.70, daily pivot point support.

Support 2:                  3612.05, daily pivot point support.

Support 3:                  3539.02, daily pivot point support.

Resistance 1:             3882.37, daily pivot point resistance.

Resistance 2:             3955.39, daily pivot point resistance.

Resistance 3:             4054.05, daily pivot point resistance.

BTC/USD 60-minute chart

  • BTC/USD via the 60-minute view is moving within a range-block, breakout could soon be seen south. 

BTC/USD daily chart

  • Price supported for now by an ascending trend line, running since 15th December. 

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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